YETI Stock Vulnerable to Downgrades, Bear Notes

YETI is down 64% in 2022

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YETI Holdings, Inc. (NYSE:YETI) is deep in the red today, last seen down 5.7% to trade at $29.62. Last week, Piper Sandler slashed YETI's price target to $48 from $76, warning that a reduction of discretionary spending from Americans could weigh on premium products such as the drinkware maker. 

While we don't believe in #freeads, Yeti products appear to be worth the investment. But that's just what they are, an investment that might be put on ice -- no pun intended -- when the macroeconomic picture is as murky as it is now. 

On the charts, YETI has been consolidating around the $30 level for the last month. The shares are down 64% in 2022, and remain a chip-shot from their Sept. 30 two-year bottom of $27.86. More price-target cuts or even downgrades could be on the way, considering nine of 13 brokerages in coverage rate YETI a "buy" or better, with zero "sells" on the books. Plus, the consensus 12-month price target of $54.86 is an 84% premium to the equity's current perch. 

Short-term options traders are call-focused, per YETI's Schaeffer's put/call open interest ratio (SOIR) of 0.25 that sits higher than just 3% of readings from the last 12 months. Should you want to speculate on the security with options, it's also worth noting the YETI's Schaeffer's Volatility Scorecard (SVS) ranks at a relatively high 85 out of 100. This suggests Yeti stock has exceeded option traders' volatility expectations during the last year.

 

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